Gross Domestic Product

Front

What are the components of Gross Domestic Product?

Back

Consumption, Investment, Government Spending, Net Exports

Front

How is Gross Domestic Product calculated?

Back

GDP = C + I + G + (X-M)

Front

Explain the impact of Gross Domestic Product on the economy.

Back

GDP impacts the economy by reflecting the overall economic performance, influencing government policies, affecting investment decisions, and indicating the standard of living.

Front

What is the difference between Real GDP and Nominal GDP?

Back

Real GDP accounts for inflation, while Nominal GDP does not.

Front

What does GDP Per Capita measure?

Back

Average economic output per person

Front

Define GDP Growth Rate.

Back

The GDP Growth Rate is the percentage increase in a country's Gross Domestic Product (GDP) from one period to another.

Front

Which components of GDP are considered in the expenditure approach? Options: Consumption, Investment, Government Spending, Net Exports; Investment, Exports, Savings, Taxes; Exports, Imports, Savings, Taxes; Consumption, Savings, Imports, Taxes

Back

Consumption, Investment, Government Spending, Net Exports

Front

What is the income approach to calculating GDP?

Back

Summing up all incomes earned by individuals and businesses in a country

Front

How does GDP reflect the standard of living in a country?

Back

GDP reflects the standard of living through measuring the total economic output of a nation, indicating the overall wealth and prosperity of its citizens.

Front

Why is GDP Per Capita a better measure of economic performance than GDP?

Back

GDP Per Capita considers the population size, offering a more precise measure of economic performance on an individual basis.